The UK services PMI index has risen in May to 62.9 points from 61 in April, improving the 61.8 expected. This is the fourth consecutive month of improvement for the indicator and the best reading recorded since the start of the series in 1998.
Tim Moore, IHS Markit Chief Financial Officer, the body that compiled the survey notes: “UK service providers reported the largest increase in activity in nearly a quarter of a century during May, as the reversal of pandemic restrictions unleashed the increased business and consumer spending. The latest survey results set the stage for a astonishing rate of UK GDP growth in Q2 2021, led by reopening of customer-facing parts of the economy after winter closings. “
“Pressure on entrepreneurship due to increased demand and recruitment difficulties emerged as a major challenge for the service sector in May. job creation was the strongest in more than six years, but backlogs have accumulated to the greatest extent since the summer of 2014. “
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